King & Wood Mallesons has advised Coles on a strategic long-term alliance with ISPT pursuant to which ISPT will initially acquire a 75 per cent interest in its 19-strong national shopping centre portfolio and the joint venture will develop and acquire additional centres.
Coles will retain property development and management rights under the alliance as well as a 25 per cent interest in the portfolio. Both parties will look to place further properties, over which Coles will maintain development control, into the joint venture as opportunities arise.
The King & Wood Mallesons team structured the alliance, including joint ownership, property management and development arrangements that are expected to live for more than 30 years and will see centres coming in and out of the portfolio as they are acquired, developed and sold.
The team also assisted Coles in achieving the most efficient sale structure for centres currently under development.
Real-estate partner Andrew Erikson and senior associate Emily Masters led the transaction, supported by senior associates Malwina Peacock and Lorelle Porter and solicitors Brianna Youngson, Joseph Ip, Kimberley Lewis and Yolanda Karantgis.